Every field has a distinct group of elite members that can call themselves masters, forex trading is no different, and it is even more so competitive because of how fickle the top pedestal positions can be. But that doesn’t mean that one’s already in the top ranks are not good enough, it means that there is always room for better. That being one of the best forex traders in the world is something constantly achievable and it can be achieved by anyone.
Bill Lipschutz is one of the names amongst this prestigious list. Lipschutz is one of the traders whose background passion and knowledge of finance marked his path to success from the get go. He began making a name for himself while he was a student in Cornell College by investing $12000 in stocks which shortly after turned into $250,000. Even though at some point during his career Lipschutz had lost all of his money to an uncalculated shift in the market he then discovered a new window of investment and business opportunity in Forex and is now known for making over $300 million in a single year from solely trading on the forex market.
The next name in the list of the best forex traders in the world is John R. Taylor, Jr. Taylor gained his position in the rankings the other way around, his Forex course began while he was a political analyst for Chemical bank and a year into his job he was promoted to the position of forex analyst where he realised the potential laid before him in building a solid network in the sought after foreign exchange world. Taylor is now the owner of one of the top currency managing firms today, FX Concepts. His contribution to the world of forex is also noted as being a pioneer of computer – aided forex trading systems in developing forex models for more efficient online trading.
The three names that follow all intertwine with each as other as they all at some point shared the same path on the road to become the best forex traders in the world. Starting from the very top is George Soros, Soros is record breaking trader that has pulled off the unimaginable by making $1 billion dollars in just one day from a single transaction. This event is considered to be one of the greatest currency trades ever made. The story happened at the time when Britain was attempting to keep the value of the pound above 2.7 marks, these attempts however had left Britain with high interest rates and equally high inflation, but in order to enter the European Exchange Rate Mechanism the rate demanded that it remained fixed to 2.7 marks to a pound.
What made Soros become the best forex trader in the world were his speculations on how long the fixed exchange rates could fight market forces and so he and his colleagues began taking up short positions against the pound. After doing this repeatedly, Soros then borrowed a hefty amount of money which he then bet on the drop in the pound. Britain ultimately withdrew from the ERM and the pound to a plunge like no other making Soros a billionaire and the man who ‘broke the Bank of England’. Soros has since then donated over $7 billion of his money to charities and has become a widely read source of inspiration to traders everywhere.
Stanley Druckenmiller made a name for himself shortly after he began to work for Soros. His is one of the names that contributed in Soros’s deal that ‘broke the Bank of England’ making both of the billionaires at the span of one day as well as garnering over 30% return in the Quantum Fund. Druckenmiller is the creator of Dunquesne Capital Management and is also the head of a non – profit organisation which is oriented in the education of people of all ages.
Last but not least from the list of the best forex traders in the world is Andrew Krieger, Krieger also began working with Soros in 1988 and then moved to Northbridge Capital Management. But before that he was responsible for one of the other greatest currency trades made. Krieger also began as a speculator, carefully monitoring the currencies that were fighting against the dollar after the Black Monday crash. While investors and companies quickly withdrew from the American dollar and shifted to other currencies Krieger saw the chance that was created from other currencies becoming significantly overvalued and took it by betting on the New Zealand dollar, the kiwi.
Krieger then took up short positions against the kiwi worth hundreds of millions of dollars, where in fact his sell orders had actually exceeded the money supply of New Zealand, this along with the lack of currency in circulation cause the kiwi to take a hard plunge making Krieger and his Bankers Trust employers $300 million in revenue.
There are several more names that make up the list of the best forex traders in the world, each trader being significantly different than the other but all of them having one conclusive thing in common with their success. That in order to become one of the best you need to know everything and more of what there is about the market, see a chance, develop a strategy and take it. Forex trading is not about luck, and becoming one of the best forex traders in the world can come from anyone.
